JUST IN: NEW Seismic Evidence Means Game Over For The SEC?
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May 21, 2023 1:20 pm
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Judge Analisa Torres recently denied the SEC’s motion to seal the Hinman emails, as part of what the agency labeled as deliberative process privilege.
The Securities and Exchange Commission fought tooth and nail to keep these documents out of the courtroom, and, later, away from the eyes of the public.
While the documents have not been made public in their entirety at the time of this writing, excerpts regarding the emails have since come to light and were thrust into the public spotlight by a pro-XRP attorney.
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According to attorney John Deaton, one of those documents states that even the SEC’s lawyers believed that XRP was not a security and failed to satisfy all the conditions of the Howey test— a list of conditions that must all be met for the SEC to consider an asset a security:
SEC staff states that there are reasonable grounds to believe XRP is NOT a security
THAT’S BY SEC ENFORCEMENT LAWYERS PEOPLE!
But the SEC charges @bgarlinghouse and @chrislarsensf with Recklessness because it’s so obvious that XRP is a security?
Absolutely shameful. https://t.co/5YMPYfLS1o
— John E Deaton (@JohnEDeaton1) May 20, 2023
Ripple CEO Brad Garlinghouse celebrated the decision by Judge Analisa Torres to make the Hinman emails a matter of public record.
Another win for transparency! Unredacted Hinman emails to be publicly available soon – stay tuned as the lawyers work through the mechanics to make that happen. https://t.co/o6puPypRHd https://t.co/qmaLVeQaP8
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023
U Today writes that Deaton had originally overlooked this small detail appearing in the footnotes:
The emails, cited as Exhibit 220, appear to argue that there are reasonable grounds to consider that XRP does not satisfy all Howey factors, a test used to determine whether certain transactions qualify as investment contracts.
This came as a surprise revelation to Deaton, who admitted he had initially overlooked the detail in the footnotes despite having gone through thousands of pages of legal documents related to the case.
The Digital Asset Investor speculates that the full release of the emails will have even more major implications for Ripple and XRP.
The pending release of the Hinman emails has already produced some major finds. Just imagine where it will lead when we can actually see them. In my part of the world this is like stepping in a fire ant bed. An experience you don’t forget. The XRP army is about to bring hell…
— Digital Asset Investor (@digitalassetbuy) May 21, 2023
Attorney Jeremy Hogan recently announced that both the SEC and Ripple have mutually requested a brief period of time to make the Hinman emails public.
The SEC and Ripple have jointly requested a one week extension to file their motions to the PUBLIC, which yes, includes the Hinman emails, and pushes the date back to JUNE 13.
If you want gross SPECULATION on what this means, you've come to the right place. Hit the comments! https://t.co/XtttlBWLUZ
— Jeremy Hogan (@attorneyjeremy1) May 19, 2023
Coin Journal writes:
Anticipation of a favourable ruling for Ripple continues to build across the crypto community.
As CoinJournal covered here, this was evident when a recent ruling saw the XRP price react higher.
And Deaton says the emails could be a game-changer in favour of the company if this goes to a jury. Some experts have opined that the SEC could choose to settle.
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